Vijayawada, January 19, 2023: The port city of Kakinadais all set to become the major growth centre on the east coast and is likely to boost the economy of Andhra Pradesh.
The KG basin with rich oil and natural gas reserves, and large-scale exploration and exploitation of hydrocarbons have accelerated development in the area. Many gas-based industries have already come up and some are in the pipeline.
The 7,440-acre Kakinada SEZ, with 1,589-acre Kakinada Gateway Port land on one side, and the petroleum, chemical and petrochemicals investment region (PCPIR) on the other, has raised hopes among the industrial houses of taking advantage of the situation and setting up industries there.The in-principle approval for Bulk Drug Park in Kakinada by Union ministry of chemicals & fertilisers is seen as a boon for the region. Kakinada will become an industrial hub on the entire east coast and is destined to guide the future of AP according to the reports published in timesofindia.indiatimes.com.
Aurobindo Pharma Limited has bought 410 acres in KSEZ and started construction works for a greenfield pharma project with an investment of around 2,000 crore. Five marine processing units are in operation in KSEZ and they together employ 3,000 women. Two national institutes, The Indian Institute of Packaging, and The Indian Institute of Foreign Trade would set up their campuses in the SEZ. Indian Coast Guard is also setting up its base near Kakinada Gateway Port. SEZ has the potential to create 25,000 direct jobs and another 25,000 indirect jobs.
